Q3 2024 Huntington Bancshares Inc Earnings Call Transcript
Key Points
- Huntington Bancshares Inc (HBAN) reported strong third-quarter results with accelerated loan growth and sustained deposit growth.
- The company is actively managing its balance sheet and expects to deliver record net interest income in 2025.
- Fee revenues increased by 12% year-over-year, driven by payments, wealth management, and capital markets.
- Credit performance remained strong with stable net charge-offs and lower nonperforming and criticized assets.
- The company announced a successful expansion into the Carolinas, which is tracking better than initial expectations.
- Net interest income for the fourth quarter is expected to be flat to slightly down compared to the third quarter.
- There is a short-term timing difference between reducing deposit costs and the reduction in variable loan yields.
- The company is facing a dynamic interest rate environment, which could impact net interest income projections.
- Despite strong deposit growth, there is a need to manage high-cost CDs to optimize net interest income.
- The company is experiencing a seasonal decline in distribution finance, impacting loan growth.
Greetings, and welcome to the Huntington Bancshares 2024 third quarter earnings review. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Tim Sedabres, Director of Investor Relations. Please go ahead.
Thank you, operator. Welcome, everyone, and good morning. Copies of the slides we will be reviewing today can be found on the Investor Relations section of our website, www.huntington.com. As a reminder, this call is being recorded, and a replay will be available starting about one hour from the close of the call.
Our presenters today are Steve Steinour, Chairman, President and CEO; and Zach Wasserman, Chief Financial Officer. Brendan Lawlor, Chief Credit Officer, will join us for the Q&A.
Earnings documents which include our forward-looking statements disclaimer and non-GAAP information are available on
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